Aren’t peoples budgets scrutinised by lenders now for affordability (no idea - terminal renter after being priced out a long time ago)? I’m not entitled to benefits and ok-off. Still not rich enough to fund a mortgage at current prices plus repairs and maintenance.
On the face of it I’m bloody bored with them tinkering with the housing market. These new proposals, tax break during covid, first time buyer loans (or was that labour?) - the fundamental problem isn’t being addressed and neither are they sticking to the very Tory capitalist/free market ethos. The market should be dictating surely….. or you know, ensure that everybody’s fundamental right for adequate shelter is catered for and concentrate on the rental provision and rights. Pick a side.
The culture of property ownership at any/all costs isn’t working. Not least because the notion of using assets to fund elderly care is deeply unpopular with people preferring to pass on wealth. Completely understandable but has consequences when that wealth is generated by an essential and scarce resource. There is so much wealth immobile in this country because it’s sitting in property generating fantasy money not backed up by anything.
I’m pretty confident the market would have levelled off by now without legislative interference or at least efforts put into the rental market rather than private ownership. Everybody points back to the introduction of right to buy by Thatcher as the beginning of housing issues, it’s crazy that the roots are never addressed.